MBK Partners and Young Poong Alliance (hereinafter referred to as MBK·Young Poong Alliance) emphasized on the 21st that "a signal has been fired for governance reform at Korea Zinc."
On this day, the MBK·Young Poong Alliance stated in a statement related to the Seoul Central District Court's ruling on the provisional injunction that "the court accepted the injunction request from MBK Partners and Young Poong to prohibit the election of directors by a cumulative voting method at the extraordinary general meeting of Korea Zinc," adding, "We respect the decision and consider it a natural outcome."
This injunction was requested by the Young Poong·MBK Partners side to prevent a proposal for the election of directors by a cumulative voting method, filed by Yumi Development, which is essentially a family business of Chairman Choi Yoon-beom of Korea Zinc, from being included in the agenda at the extraordinary general meeting of Korea Zinc on the 23rd.
The 50th Civil Division of the Seoul Central District Court ruled that "the articles of incorporation of Korea Zinc at the time Yumi Development submitted its cumulative voting request explicitly stated that cumulative voting would not be applied," noting that "this is a violation of the Commercial Act and should not be regarded as a legitimate request."
Thus, the management dispute between Chairman Choi Yoon-beom of Korea Zinc and the Young Poong·MBK Alliance, which began last September, is expected to conclude after four months with the victory of the Young Poong·MBK Alliance in the extraordinary general meeting on the 23rd, barring any unexpected developments.
The MBK·Young Poong Alliance expressed hope that "the improvement of Korea Zinc's governance structure will begin through the reorganization of the board of directors and the introduction of an executive officer system at the extraordinary general meeting on the 23rd," adding, "We will make every effort to ensure that the extraordinary general meeting of Korea Zinc is conducted fairly and justly through a straightforward voting process."